ECON371 Microeconomic Theory

The theory of consumer choice and the behaviour of the firm in a competitive setting.

ECON 371 provides intensive training on the tools of modern microeconomic analysis.
The paper covers choice under uncertainty, general equilibrium, game theory and public
goods. Students are expected to deepen the sophistication of their economic thinking
about real-world events by focusing on canonical (i.e. frequently applied) theoretical
models of externalities, asymmetric information and market power (extending price
theory to consider simple models of imperfect competition).

By the end of the paper you should have substantially extended your understanding
of the techniques of analysis and results from microeconomic theory appropriate for
students wanting the option of pursuing postgraduate study in economics.You will
also be able to:

Define 'game' as a representation of strategic interaction
based on mathematical game theory

Make predictions based on equilibrium outcomes
in the canon of microeconomic theory

Write about real-world economic scenarios
in a sophisticated analytic voice based on economic models

Analyse topical
debates in public policy using well-known economic models that take into account externalities,
asymmetric information and market power

Second Semester

Lecture

Tutorial

Stream

Days

Times

Weeks

Attend

T1

Wednesday

15:00-15:50

28-34, 36-41

The theory of consumer choice and the behaviour of the firm in a competitive setting.

ECON 371 provides intensive training on the tools of modern microeconomic analysis.
The paper covers choice under uncertainty, general equilibrium, game theory and public
goods. Students are expected to deepen the sophistication of their economic thinking
about real-world events by focusing on canonical (i.e. frequently applied) theoretical
models of externalities, asymmetric information and market power (extending price
theory to consider simple models of imperfect competition).

By the end of the paper you should have substantially extended your understanding
of the techniques of analysis and results from microeconomic theory appropriate for
students wanting the option of pursuing postgraduate study in economics.You will
also be able to:

Define 'game' as a representation of strategic interaction
based on mathematical game theory

Make predictions based on equilibrium outcomes
in the canon of microeconomic theory

Write about real-world economic scenarios
in a sophisticated analytic voice based on economic models

Analyse topical
debates in public policy using well-known economic models that take into account externalities,
asymmetric information and market power